Japan Loans $560 Million to Costa Rica for Geothermal Energy Plants

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    The Costa Rica News (TCRN) – The government of Costa Rica today signed a loan of $560 million awarded by Japan to develop geothermal energy projects that will generate more than 55 megawatts of electricity.

    Costa Rican President Laura Chinchilla told a press conference that the loan will be sent next week to the Legislature for ratification as soon as possible.

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    “We are confident that Members have very clear awareness of the importance of using this exceptional funding and we’re talking about an investment in renewable energy around which there is a favorable unanimous position throughout the Costa Rican population,” she said.

    This credit has state guarantee by the Government of Costa Rica, is a 40-year term and has a fixed interest rate of 0.60%.

    The projects to be financed are Pailas II, I and Borinquen Borinquen II, which are located in the foothills of the Rincon de la Vieja volcano in the northwestern province of Guanacaste and are in charge of the state-owned Instituto Costarricense de Electricidad.

    For their part, the Japanese Ambassador to Costa Rica, Mamoru Shinohara, said these projects match the cooperation policies of the Japan government, the International Cooperation Agency (JICA).

    “I am very confident that the project will contribute not only to climate change mitigation, but also for stable power output at a lower cost,” Shinohara said.

    At present, the installed power generation capacity of Costa Rica is about 2,700 MW (megawatts), of which about 90% comes from renewable sources, mostly hydropower. (EFE)

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